The market size of the Healthcare Analytics at a global level is expected to reach USD 27.7 billion by 2024 from USD 8.93 billion in 2019, growing at a CAGR of 25.41% during the forecast period.
Key Market Growth Drivers
The integration of applications with big data is a major factor propelling the growth of the market. Healthcare analytics provides medical professionals with a clear vision over the patient’s health condition and attains successful outcomes due to this factor the market shares are growing extensively. In traditional days, the healthcare centers used to have written scripts and paper charts whereas in modern days those are all got replaced with electronic health records which store large amounts of data and also can be retrieved from anywhere. The aforementioned attribute is magnifying the demand of the healthcare analytics market. It allows better communication between the professionals through online where a patient can get treatment effectively is also lavishing the growth rate of the market. Increasing incidences of chronic diseases are also one of the factors expanding the demand for this market. Healthcare analytics reduces the risk of a patient in an emergency situation by getting health records that are stored in electronic health records and helps physicians to ensure appropriate treatment in less time which is influencing the growth of the market to the extent.
Major Challenges
However, the lack of skilled persons in monitoring the systems is slightly restraining the growth of the market. The cost for installation of the equipment is a bit expensive and this is considered a challenging factor for the market developers. Less knowledge over the availability of various devices for particular applications in the medical sector is also degrading the demand of the market. Moreover, rapid changes in the economic strategies act as impeding attribute for market growth. People's concern towards privacy is also seamlessly impeding the growth rate of the market. Rise in the complications in real-time applications which is declining the growth rate of the market. Stringent rules and regulations by the government for the launch of new applications is quietly limiting the demand of the market. Skilled IT professionals can only analyze the integrity of data and can defend threats where the less number of professionals in this sector may also inhibit the growth rate of the healthcare analytics market.
Potential Opportunities
The research people are focusing on developing various products in favor of the end-users and also to make the complex things simple is greatly influencing the demand of the market. The increasing scale of hospitals across the world with the growing support from the private and public organizations is elevating the demand of the market. Growing awareness over the internet of things and also increase the speed of the internet even in the rural areas is lavishing the growth rate of the healthcare analytics market. The market is also magnified by increasing awareness in utilizing cloud-based deployment mode in every application which is more effective and reliable.
Recent Market Developments
In Jan'18: Allscripts acquired web-based electronic health records in San Francisco in January 2018 which is named as Practice fusion. This provides physicians and professionals to have a great analysis of medical practice management with ease and also maintains charting, scheduling, e-prescribing, billing and does other prominent management analyses in the medical sector. Increasing focus towards the healthcare industry has intended to develop analytics-driven solutions in august 2018 by Verscend technology which acquired Cotiviti Holdings Inc (US). Later in march 2018, the Verscend technology acquired with General Dynamics (US) and developed tracking solutions for fraud, waste and abuse portfolio. Health catalyst acquired Medicity which is a Population Health Management (PHM) company in July 2018 and offered various solutions for business intelligence HIEs and provider & patient engagement.
REPORT COVERAGE
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REPORT METRIC |
DETAILS |
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Market Size Available |
2018 – 2024 |
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Base Year |
2018 |
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Forecast Period |
2019 - 2024 |
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Segments Covered |
By Type, Application, End-User, Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
ZenRobotics, Sadako Technologies, AMP Robotics, Waste Robotics, Alpine Waste & Recycling and Resource Recycling, Bollegraaf, HOMAG, TOMRA, Pellenc ST, RES Polyflow and Optisort |
This research report on Global Healthcare Analytics Market segmented and sub-segmented into the following categories and evaluated market size and forecast until 2025.
Healthcare Analytics Market Analysis - By Type
On the basis of the type, The predictive analytics type is witnessed in leading dominant shares of the market. Increasing expenditure on healthcare with the rise in the disposable income is leveraging the demand of the market. Growing prevalence to have effective treatment procedures at any cost is likely to broaden the demand of the market.
Healthcare Analytics Market Analysis - By Application
On the basis of application, the financial analytics application is leading with the highest shares of the market. Increasing demand to have a proper analysis of financial issues in healthcare centers is escalating the demand of the market. Rise in the investments in the hospitals by the government is outshining the growth of the market.
Healthcare Analytics Market Analysis - By End User
Among all, public health systems end-user is ruling with dominant shares of the market. Growing prevalence to have a quality diagnosis and treatment procedures at any cost especially in urban areas is fuelling the growth of the healthcare analytics market.
Regional Analysis:
North America is leading with dominant shares of the market by owing to the quick adoption of the latest technologies and also the introduction of various applications in the healthcare sector. Also, growing demand for better techniques that are convenient and accurate in completing tasks is boosting up the demand of the market. Europe is following North America in holding the shares of the market. Increasing capital income in both developed and developing countries is accelerating the growth of the market. The rise in government initiatives for the acceptance of electronic health records in hospitals is leveling up the demand of the market. The Asia Pacific is having tremendous growth rate from the past decade with increasing population. Increasing disposable income in urban areas is expanding the growth rate of the market in this region. Latin America is anticipated to have a slight increment in the shares of the market. The Middle East and Africa are anticipated to have huge growth opportunities in the near future.
Top Companies
Companies like SAS Institute, Inc. (US), Allscripts Health Solutions (US), McKesson Corporation (US), MedeAnalytics, Inc. (US), Inovalon (US), IBM Corporation (US), Optum, Inc. (US), Cerner Corporation (US), Oracle Corporation (US), Health Catalyst (US), CitiusTech, Inc. (US), Wipro Limited (India), VitreosHealth (US), Verscend Technologies, Inc. (US), and SCIO Health Analytics (US) are leading the Global Healthcare Analytics Market
1.Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Type
5.1.1 Predictive Analytics
5.1.2 Descriptive/Restrospective Analytics
5.1.3 Prescreptive Analytics
5.2 By Application
5.2.1 Financial Analytics
5.2.2 Clinical Analytics
5.2.3 Operational & Administrative Analytics
5.3 By End-user
5.3.1 Public Health Systems
5.3.2 Healthcare Providers
5.3.3 Private Healthcare Providers
5.3.4 Monitoring Agencies
5.3.5 Health Insurance Companies
5.3.6 Clinical and Medical Research Bodies
5.3.7 Technology Vendors
6. Geographical Analysis
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 South Korea
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Mexico
6.4.4 Rest of Latin America
6.5 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7.Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 McKesson
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 SAS Institute Inc
8.3 Optum Inc.
8.4 IBM Corporation
8.5 Truven Health Analytics Inc.
8.6 Cerner Corporation
8.7 Verisk Analytics Inc.
8.8 Allscripts Health Solutions
8.9 Oracle Corporation
8.10 MedeAnalytics Inovalon Inc.
8.11 Health Catalyst
9.Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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